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8425 Ahern Dr, San Antonio, TX 78216
DEMOGRAPHICS
One-Mile Radius
2023 Estimated Population
2023 Estimated Median HHI
Projected 2028 Median HHI
Median HHI Growth (2023 - 2028)
Key Renter Age Group (18 to 35)
Bachelor's Degree or Higher (Age 25+)
Renter-Occupied Housing Units
White-Collar Workers
Workplace Establishments
FTE Employees*
Three-Mile Radius
Five-Mile Radius
City of San Antonio
San Antonio
Metro
Households Earning $100,000+ Annually
11,027
$57,526
$63,506
10.4%
19%
23%
29%
46%
63%
1,114
17,482
106,695
$55,253
$59,854
8.3%
21%
25%
32%
45%
61%
5,952
95,144
311,760
$56,665
$63,333
11.8%
22%
25%
35%
47%
65%
13,229
244,723
1,484,148
$56,524
$64,549
14.2%
24%
26%
39%
62%
34,976
723,957
24%
2,683,361
$67,604
$78,531
16.2%
23%
30%
29%
33%
63%
53,972
1,045,644
1.
Rising Household Income
2.
Sophisticated Workforce
Key Takeaways: Five-Mile Radius Target Market Area (TMA)
*Full-time equivalent workplace employees
The median household income in the TMA ($56,665) is expected to grow 11.8% to $63,333 from 2023 to 2028
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35% of residents living in the TMA have achieved a bachelor's degree or higher (Age 25+)
Versus 29% of residents in the San Antonio Metro
65% of residents living in the TMA are employed in white-collar positions
Compared to 63% of residents within the San Antonio Metro
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47% of residents in the TMA live in renter-occupied housing units
Compared to 33% of residents within Metro San Antonio
3.
Renters by Choice
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According to the Texas A&M Real Estate Research Center, the median home price in the City of San Antonio appreciated 10.2% year-over-year to reach $275,000 in December 2022
4.
Appreciating Home Values
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The City of San Antonio is ranked in the “Top 60 Cities with the Lowest Cost of Living”
-Niche
The San Antonio Metro is ranked as the No. 1 “Top Cyber City in the U.S.”
-Business Facilities
San Antonio is rated as the No. 5 “Most Affordable Large City in the U.S.”
Business Facilities
Greater San Antonio is ranked as the No. 6 “Fast Growing City for IT Talent”
-CIO
5.
San Antonio Accolades / Rankings:
1.
Effective Rent
$1,120 per month in 4Q22
Up 8.9% Y-o-Y
2.
Occupancy
93.0% average occupancy rate in 4Q22
Occupancy rate is projected to increase to 93.3% by 4Q23
Projected a 93.8% average occupancy rate through year-end 2027
3.
Leasing Activity
395 net move-outs during 2022
48 net move-ins expected in 1Q23
4.
Limited New Supply
No new deliveries planned for 2023
Zero new deliveries since 2014
5.
Rent vs. Own
*Average mortgage payment: $1,854
Effective rent: $1,120
Difference: $734
Airport Area Apartment Submarket Overview
*30-year fixed, 20% down payment, 6.13% interest rate, 1.8% TX property tax, $1,249 homeowner’s insurance; 275,000 Home Value
Sources: RealPage; Texas A&M Real Estate Research Center
Construction & Development
Employment
Hubs
Construction & Development
The University of Texas at San Antonio is expanding its downtown campus to accommodate future growth.
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UTSA Downtown Campus (8.3 mi.) - 501 W César E Chávez Blvd, San Antonio, TX 78207
Employment Hubs
Serving as the urban business core within the Downtown San Antonio area, the Central Business District provides opportunities for more than 1,400 businesses to thrive as well as an employment hub for over 34,000 residents in the area.
1,400+ businesses
34,690 employees*
960-acre business district
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Central Business District – Downtown San Antonio (6.4 mi.) - Downtown, San Antonio, TX
Offering history, art, museums, and small businesses, the Peal & Broadway Cultural Corridor was repurposed in the last several years to create an attractive atmosphere for residents and guests of Greater San Antonio.
70+ businesses
1,600+ employees*
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Pearl & Broadway Cultural Corridor (6.5 mi.) - 303 Pearl Pkwy, San Antonio, TX 78215
Transportation
Lifestyle & Entertainment
South Texas Medical Center (STMC) is a major driver in the regional economy, encompassing major healthcare institutions, hundreds of medical offices, and academic schools.
3,000 employees*
900-acre campus
200+ acres undeveloped
5.0 million+ annual outpatient visits
75 medically related institutions
45+ clinics
12 major hospitals
1 higher education institution
Features numerous small practices, offices, and non-medical businesses
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South Texas Medical Center (6.9 mi.) - 8431 Fredericksburg Rd, San Antonio, TX 78229
USAA provides insurance, banking, investment, and retirement products for approximately 13 million current and former members of the U.S. military and their families.
USAA Headquarters (7.8 mi.) - 9800 Fredericksburg Rd, San Antonio, TX 78288
19,000 employees citywide*
No. 96 – Fortune 500
USAA’s McDermott Building serves as the company’s headquarters, spanning 3.9 million square feet
USAA’s primary data center, dubbed the Information Technology Center (ITC), is attached to the McDermott Building
Together the facilities encompass 4.2 million square feet
286-acre corporate headquarters campus
Accolades:
No. 1 among the “World’s Most Admired Companies - 2022”
– Fortune Magazine
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$2.4 billion annual economic impact
3,800 employees*
UTSA’s 10-year strategic plan outlines plan to increase the faculty and staff count to 5,250
34,344 students enrolled (Fall 2022)
UTSA’s enrollment is slated to exceed 45,000 by 2028
UTSA offers on-campus housing for roughly 4,560 students
Leaving more than 28,000 students in need of off-campus housing options
A new School of Data Science was recently completed, which increases UTSA’s footprint in Downtown San Antonio
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USAA provides insurance, banking, investment, and retirement products for approximately 13 million current and former members of the U.S. military and their families.
The University of Texas at San Antonio (11.9 mi.) - 1 UTSA Circle, San Antonio, TX 78249
*Employee counts are estimates
Additional Nearby Employers:
Christus Santa Rosa Hospital (7.9 mi.) - 2827 Babcock Rd, San Antonio, TX 78229
• 3,700 employees*
• 377 hospital beds
• 68K SF medical facility
• $13 million facility opened in 2017
• Currently supports 500 jobs*
• 45,000 SF Viewer Experience Operations headquarters
Hulu (5.2 mi.) - 4511 Horizon Hill Blvd #300, San Antonio, TX 78229
• 2,200+ employees*
• 633K SF facility
National Security Agency (11.7 mi.) - Sony Pl, San Antonio, TX 78251
• Second-largest corporation across Texas
• 200-acre campus, featuring:
Four buildings
Two parking facilities
• No. 53 - Fortune 500
Highest ranked Fortune 500 HQ in Greater San Antonio
Roughly 1,800 employees at HQ
Valero Headquarters (12.1 mi.) - 1 Valero Way, San Antonio, TX 78249
*Employee counts are estimates
School of Data Science (SDS) and National Security Collaboration Center (NSCC)
$90 million investment (under construction)
167,000 SF facility
Will serve 6,500 data science students
Completion date: January 2022
Innovation, Entrepreneurship, and Careers Building
$161 million investment (planned)
250,000 SF facility
Estimated completion: 2025
Poised to be a human performance center for the San Antonio Spurs NBA basketball team as well as a live entertainment space, this project will be sure to leave a large economic footprint on the areas surrounding the San Antonio Metro.
$500M project
45-acre human performance research center
22-acre park
Will become the largest dog park in San Antonio
500K SF of building space
Spurs performance center
Outdoor event plaza
Medical facilities
Planned hospitality and office space
Site completion date expected in Fall 2023
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The Rock at La Cantera (11.3 mi.) - 15814 I-10, San Antonio, TX 78257
The Make Ready Market (MRM) will transform the surrounding San Antonio area, with a large food hall that will feature dozens of venders.
11,000 SF food hall
Notable venders include:
ORDERUP
Four Brothers
Chilaquil and El Dente de Oro
MRM is adjacent to the Idle Beer Hall and Mila Coffee
Site completion expected in 2023
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Make Ready Market (7.6 mi.) - 711 Broadway, San Antonio, TX 78215
The San Pedro Culture Park is a multi-phase project that will celebrate the outdoors, art, nature, and entertainment.
$300 million investment
Serves as a ‘walkable museum’
Phases 1-3 were recently completed
Phase 4 expected completion in summer 2023
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San Pedro Creek Culture Park (7.6 mi.) - 715 Camaron St, San Antonio, TX 78204
Lifestyle & Entertainment
Known as an arts and entertainment hub within the Downtown San Antonio area, Centro San Antonio provides residents and visitors with access to the blend of unique cultures that the area has to offer.
Facts about the Centro:
20+ retailers
10 parks / outdoor areas
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Centro San Antonio (8.0 mi.) - 110 Broadway #230, San Antonio, TX 78205
Notable features of the Centro:
Peacock Alley
Known for its artistic and entrepreneurial touch, Peacock Alley has a wide variety of street art for display while also allowing guests to watch live musical performances inside of a unique atmosphere.
Attracts tens of thousands of visitors annually
First established in 2018
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Art Everywhere
The Art Everywhere Project puts the artists of the Greater San Antonio area on display, with more than 40 pieces of artwork spread throughout the downtown area. The artwork featured within Art Everywhere are mostly along buildings and sidewalks, and immediately capture the attention of anyone in the area.
45+ works of art
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Pearl & Broadway Cultural Corridor (6.5 mi.) - 303 Pearl Pkwy, San Antonio, TX 78215
The Pearl & Broadway Cultural Corridor is located southeast of the subject property, giving residents the opportunity to explore shopping, dining, and entertainment options within the Downtown San Antonio area.
• $125+ million redevelopment
• Notable retail & entertainment:
• Pearl Brewery
• Originally Texas’ largest brewery
• Redevelopment has transformed the area to feature a riverside amphitheater, hotel, and a Culinary Institute of America campus
• Notable museums:
• DoSe um
• STEM museum
• The San Antonio Museum of Art
• Features 5,000+ years of world culture
• Art collections from the Mediterranean, Asia, and Latin America
• The Witte Museum
• Nature, science, and cultural museum
• Notable outdoor areas:
• Museum Reach Trail
• 1.3 trail
• Features walking, biking, and jogging
• Japanese Tea Garden
• 100+ years old
• Features traditional Japanese architecture & exotic plants
• Brackenridge Park
• First opened in 1901
• Features a golf course, trails, public art, and picnic area
Ingram Festival Shopping Center (10.0 mi.) - 6065 Northwest Loop 410, San Antonio, TX
Built in 1995, the Ingram Festival Shopping Center is a 21-acre outdoor mall that gives nearby resident’s access to some of the best dining, shopping, and entertainment in the area.
222.4K SF shopping center
Notable tenants include Marshalls, Best Buy, and Bed Bath & Beyond
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Wonderland of the Americas (4.8 mi.) - 4522 Fredericksburg Rd, San Antonio, TX 78201
Wonderland of the Americas is a regional shopping venue offering a wide range of department stores and popular retail brands.
565,000+ SF
50+ retailers
Anchor tenants: Burlington; Hobby Lobby; Target
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SeaWorld San Antonio (17.0 mi.) - 10500 Sea World Dr, San Antonio, TX 78251
SeaWorld San Antonio operates as the largest marine-life park in the world and is also the largest park in the SeaWorld Park chain.
2,800+ employees
Attracts over 2.6M visitors annually
Largest of the three parks in the SeaWorld chain
250-acre park
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San Antonio River Walk (8.9 mi.) - 849 E Commerce St, San Antonio, TX 78205
Named by some as the American Venice, San Antonio's River Walk is a 15-mile oasis, where brightly colored umbrellas line the riverbank as diners sit at tables underneath, relishing the atmosphere.
15-mile destination
2.2 million annual visitors
100 retailers+
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Transportation
Public transportation in San Antonio is provided by VIA Metropolitan Transit.
36 million annual passenger trips
7 transit centers
96 routes
6,851 bus stops
Spans 1,208 square miles
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VIA Metropolitan Transit
San Antonio International Airport (SAT) offers 41 nonstop domestic and international flights through 12 airlines.
9.5 million passengers served in 2022
Up from 7.5 million passengers served in 2021
$5 billion economic output
Supports nearly 100,000 direct and indirect jobs
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San Antonio International Airport (2.5 mi.) - 9800 Airport Blvd, San Antonio, TX 78216
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PHOTO GALLERY
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5/5
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
© 2023 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
Cody Courtney
Director
Cody.Courtney@berkadia.com
210.377.1219
Mike Miller
Managing Director
Mike.Miller@berkadia.com
210.377.1535
Will Caruth
Senior Director
Will.Caruth@berkadia.com
210.377.2768
Cameron Hart
Director
Cameron.Hart@berkadia.com
512.226.8708
CONTACT Info | San Antonio Office
Mortgage Banking
Excellent Value-Add Potential (29 upgraded units receiving $150 premiums)
Large Floor Plans Avg. 1,084 SF (98% two bedrooms Avg. 1,200 SF)
Near Major Employers (North Star Mall/Park North & San Antonio Airport)
Near Major Thoroughfares (Loop 410 & Hwy 281)
Extensive Exterior Capital Improvements Complete (over $800k)
INVESTMENT HIGHLIGHTS
The Colony Uptown Apartments provides investors with a unique opportunity to acquire a boutique asset boasting large townhome-style floor plans averaging 1,085 SF. Current ownership has placed an emphasis on renovating the exterior grounds and common areas creating an opportunity for future ownership to focus on carrying out the momentum of interior upgrades to achieve untapped revenue potential. The 29 well-appointed renovated interiors are achieving rental increases of over $150 per month and with the majority of units unrenovated, investors will have the ability to streamline a dramatic increase in revenue and maximize returns. The Colony Uptown is a premier asset within this infill submarket and has the unique capability of being the best “Class B” renovated option within this area. This opportunity is being offered both All Cash and as a Loan Assumption.
The Offering
Executive Summary
±22.45 Units Per Acre
DENSITY
±1.47 Acres
PARCEL SIZE
1,531
Apartment
Homes Avg SF
2016
BUILT
Average Unit Size
1,084 SF
Net Rentable Area
97,760 SF
Total Units
90
BUILT IN
1972
EXCELLENT VALUE-ADD POTENTIAL:
The Colony Uptown presents a strong value-add opportunity in San Antonio, Texas due to its location, age and large interior floorplans. Currently, 78% of the unit interiors present an opportunity for a new owner to implement a comprehensive value-add program. Only 32% or 29 units have been renovated under current ownership and upgraded units initially earned a $150 rental premium over classic units.
DESIREABLE TOWNHOME STYLE FLOOR PLANS
The Colony Uptown offers residents desirable townhome style floor plans that average 1,085 square feet. The property has experienced impressive demand for these unique floor plans which provides residents with the feeling of single-family home living combined with the lifestyle and financial freedom of renting. Consisting of 98% of the unit mix, the 87 large two-bedrooms townhomes average roughly 1,200 square feet and are perfect for roommates and families.
BOUTIQUE ASSET IN INFILL NORTH CENTRAL LOCATION
The Colony Uptown is conveniently located in the North Central submarket, near San Antonio’s major employers and most commonly traveled thoroughfares, the Property is poised to continue to benefit from the favorable locational attributes that inherently exist on the popular North Central area of San Antonio with quick access to many of the MSA’s major economic drivers as well as lifestyle conveniences. Several large employers and attractions are within minutes of the property including USAA, San Antonio International Airport, South Texas Medical Center, North Star Mall, and North Park Shopping Center. Additionally, University of Texas San Antonio, Valero Energy Headquarters, La Cantera, and The Rim are within a 15-minute drive of the property. The proximity to such a large concentration of employers and retailers is not only attractive to current residents but provides a significant employment base that will continue to drive demand for multifamily housing in the immediate area for years to come.
Location
90 Units | Built in 1972
EXCELLENT VALUE-ADD POTENTIAL
Current ownership has recently completed multiple, major capex items at the property. These capex projects consist of landscaping, roof repair and converting one laundry room to a fitness center. The property has also been recently painted and outfitted with new exterior lighting, updated electrical and improved building exteriors. The common areas also received substantial investment, updated leasing office, and a grill station with pergola. The asset’s signage, pool area, parking lot, plumbing, retaining walls and HVAC system have all similarly had significant improvements made. The efforts made by current ownership give the buyer freedom to focus their dollars towards revenue-generating interior renovations as opposed to deferred maintenance issues.
DEMOGRAPHICS
1,484,148
$56,524
$64,549
14.2%
24%
24%
26%
39%
62%
34,976
723,957
2,683,361
$67,604
$78,531
16.2%
23%
30%
29%
33%
63%
53,972
1,045,644
City of San Antonio
San Antonio
Metro
22.45 Units / Acre
2023 Estimated Population
2023 Estimated Median HHI
Projected 2028 Median HHI
Median HHI Growth (2023 - 2028)
Key Renter Age Group (18 to 35)
Households Earning $100,000+ Annually
Bachelor's Degree or Higher (Age 25+)
Renter-Occupied Housing Units
White-Collar Workers
Workplace Establishments
FTE Employees*
*Full-time equivalent workplace employees
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Property Overview
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DEMOGRAPHICS
City of San Antonio
1,484,148
$56,524
$64,549
14.2%
24%
24%
26%
39%
62%
34,976
723,957
1,484,148
$56,524
$64,549
14.2%
24%
24%
26%
39%
62%
34,976
723,957
2,683,361
$67,604
$78,531
16.2%
23%
30%
29%
33%
63%
53,972
1,045,644
2,683,361
$67,604
$78,531
16.2%
23%
30%
29%
33%
63%
53,972
1,045,644
San Antonio
Metro
City of San Antonio
San Antonio
Metro
2023 Estimated Population
2023 Estimated Median HHI
Projected 2028 Median HHI
Median HHI Growth (2023 - 2028)
Key Renter Age Group (18 to 35)
Households Earning $100,000+ Annually
Bachelor's Degree or Higher (Age 25+)
Renter-Occupied Housing Units
White-Collar Workers
Workplace Establishments
FTE Employees*
*Full-time equivalent workplace employees